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Icici Bank
(NYSE:IBN)
Icici Bank (IBN) vs. SPDR S&P 500 ETF (SPY)
Icici Bank Business Overview & Revenue Model
Icici Bank Earnings Call Summary
Icici Bank Financial Statement Overview
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.02T | 2.95T | 2.35T | 1.85T | 1.58T | 1.61T |
| Gross Profit | 2.05T | 2.01T | 1.60T | 1.29T | 989.30B | 964.98B |
| EBITDA | 1.01T | 1.65T | 635.04B | 488.90B | 280.08B | 218.35B |
| Net Income | 528.91B | 510.29B | 442.56B | 340.37B | 251.10B | 183.84B |
Balance Sheet | ||||||
| Total Assets | 26.69T | 26.42T | 23.64T | 19.58T | 17.53T | 15.74T |
| Cash, Cash Equivalents and Short-Term Investments | 1.97T | 2.38T | 1.90T | 1.64T | 2.14T | 1.82T |
| Total Debt | 2.15T | 2.04T | 2.01T | 1.84T | 1.59T | 1.40T |
| Total Liabilities | 23.23T | 23.13T | 20.94T | 17.37T | 15.65T | 14.07T |
| Stockholders Equity | 3.30T | 3.14T | 2.56T | 2.14T | 1.82T | 1.58T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 773.94B | 1.54T | 552.00B | 777.05B | 1.36T |
| Operating Cash Flow | 0.00 | 822.20B | 1.57T | 577.21B | 795.97B | 1.38T |
| Investing Cash Flow | 0.00 | -2.37T | -1.46T | -2.53T | -1.94T | -629.87B |
| Financing Cash Flow | 0.00 | 2.06T | 137.65B | 1.47T | 1.51T | -546.67B |
Icici Bank Technical Analysis
Icici Bank Risk Analysis
Icici Bank Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $88.89B | 9.08 | 21.64% | 9.77% | 11.82% | 3.41% | |
72 Outperform | $82.26B | 10.18 | 11.88% | 3.11% | 1.79% | 30.93% | |
69 Neutral | $93.57B | 18.92 | 15.95% | 0.85% | 10.85% | 7.98% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $122.38B | 21.06 | 13.72% | 3.03% | -1.78% | 0.65% | |
64 Neutral | $72.79B | 12.62 | 9.93% | 3.19% | -20.94% | -18.71% | |
57 Neutral | $92.90B | 10.79 | 9.73% | 2.31% | -2.84% | 25.48% |
Icici Bank Corporate Events
ICICI Bank Limited has redeemed in full USD 800 million of notes issued under its Global Medium Term Note Programme, together with USD 16 million in accrued interest, for a total payout of USD 816 million. The redemption, completed on March 18, 2026, removes these foreign-currency notes from the bank’s outstanding liabilities, marginally strengthening its balance-sheet flexibility and clarifying its near-term debt maturity profile for investors and regulators.
The transaction underscores the bank’s ongoing access to, and active management of, international funding sources, which is significant for a large Indian lender with global operations and listings. By settling the notes at maturity as announced to Indian stock exchanges, ICICI Bank signals disciplined treasury management and provides greater visibility to bondholders and equity shareholders on its capital and liquidity position.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On March 18, 2026, ICICI Bank received an order from the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate, under Section 74 of the Maharashtra Goods and Services Tax Act, 2017. The order raises a Goods and Services Tax demand of ₹384.33 crore, along with an equivalent amount in penalties and applicable interest, related to services provided to customers maintaining specified minimum balances in their accounts.
ICICI Bank noted that it is already involved in litigation, including writ petitions, over similar issues raised in previous orders and show-cause notices. The bank said it will contest the latest order through a fresh writ petition within the prescribed timelines, and disclosed the matter because the cumulative exposure crossed its materiality threshold, signaling a potentially significant contingent liability for the lender and heightened regulatory scrutiny of its fee and service practices.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
ICICI Bank has notified investors that its Board of Directors will meet on Saturday, April 18, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026, and to decide on any dividend recommendation for the 2025-26 financial year. In line with Indian securities regulations on insider trading, the bank has also imposed a trading window closure for designated persons and their immediate relatives from April 1 to April 20, 2026, a move that signals standard governance practices ahead of potentially market-moving earnings and dividend decisions.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
ICICI Bank has reported that India’s securities regulator, SEBI, has approved a key step in the previously announced plan to transfer the private equity, venture capital and real estate fund management business of ICICI Venture Funds Management to ICICI Prudential Asset Management. The approval, communicated to the bank by email on March 2, 2026, covers a change of manager and sponsor for five Category II Alternative Investment Funds, and is valid for six months, marking material regulatory progress in reorganising the group’s fund management platform and potentially streamlining its alternative investments offering for stakeholders.
The SEBI clearance follows the bank’s original disclosure on May 9, 2025, about the proposed transfer, which remains subject to completion of remaining procedures and documentation. By moving these AIFs under ICICI Prudential Asset Management, the group is positioning its alternative assets business within a larger, more scalable asset management franchise, which could enhance operational efficiency, improve investor servicing and sharpen ICICI’s competitive stance in India’s fast-growing alternatives market if the transaction is fully completed.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
ICICI Bank’s board, meeting from February 26 to 28, 2026, approved the purchase of up to an additional 2.0% stake in its subsidiary ICICI Prudential Life Insurance Company. The move is designed to help the bank maintain its majority shareholding in the life insurer as stock-based compensation at the subsidiary is exercised, and remains subject to requisite regulatory and other approvals.
This planned incremental acquisition underscores ICICI Bank’s strategic priority of retaining control over a key insurance subsidiary in a competitive and fast-growing life insurance market. For shareholders and other stakeholders, the decision signals continued integration of insurance within the group’s financial services portfolio and a willingness to deploy capital to preserve long-term influence over ICICI Prudential Life.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
ICICI Bank has reported to U.S. and Indian investors that shareholders have approved a special resolution to appoint Ms. Vijayalakshmi Iyer as an independent director, effective December 1, 2025. The approval followed a postal ballot and remote e-voting process conducted between January 27 and February 25, 2026, with the scrutinizer confirming the resolution passed with the requisite majority.
The postal ballot was carried out entirely via electronic means in line with the Indian Companies Act, SEBI listing rules and recent Ministry of Corporate Affairs circulars, reflecting the bank’s adherence to evolving governance norms. Notably, following an amendment effective January 2, 2026 to its deposit agreement with Deutsche Bank Trust Company Americas, voting rights on ADRs were exercised as directed by ADR holders, underscoring greater participation by overseas investors in ICICI Bank’s board-level decisions.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
ICICI Bank has disclosed that, on February 21, 2026, it received an Order in Appeal from the Maharashtra Goods and Services Tax Department upholding a tax demand of ₹50.38 crore, along with an equivalent penalty and applicable interest. The appellate order follows an original tax demand issued on January 4, 2025, and the bank has stated it will pursue further legal remedies, signalling an ongoing tax dispute that could carry financial and compliance implications but remains subject to judicial review.
The development underscores continued regulatory scrutiny of large financial institutions in India and may influence investor perceptions of contingent liabilities at ICICI Bank, although the ultimate financial impact will depend on the outcome of future appeals. By formally announcing the order under Indian listing regulations and via a U.S. SEC Form 6‑K, the bank appears focused on maintaining transparency for both domestic and international shareholders while it contests the assessment within prescribed timelines.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On February 10, 2026, ICICI Bank and its group entities, via ICICI Prudential Asset Management Company, received Reserve Bank of India approval to acquire an aggregate holding of up to 9.95% of the paid-up share capital or voting rights in eight Indian banks, including Bandhan Bank, City Union Bank, Equitas Small Finance Bank, Federal Bank, IDFC First Bank, HDFC Bank, Karur Vysya Bank and RBL Bank. The approval, formally accessed by the bank on February 11, 2026, requires the applicant to achieve the permitted major shareholding within one year, positioning ICICI Bank’s group to deepen its strategic presence and influence across a diversified set of domestic lenders while operating within the RBI’s updated framework on ownership in commercial banks.
ICICI Bank’s ability to build up to 9.95% stakes in multiple rival and niche banks could enhance its role as a significant financial investor in the Indian banking ecosystem while remaining below thresholds that typically trigger tighter regulatory scrutiny. For stakeholders, the move signals a calibrated expansion of the group’s investment portfolio into peer banking franchises, potentially improving earnings diversification and reinforcing ICICI Bank’s standing in India’s competitive financial services market, subject to execution within the RBI’s one-year window and ongoing regulatory oversight.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On January 22, 2026, ICICI Bank Limited reported to the U.S. Securities and Exchange Commission that it has released transcripts of its recent media conference call and earnings call with analysts and investors, covering the financial results for the quarter and nine months ended December 31, 2025. By making these transcripts publicly available on its website and disclosing this step to both Indian stock exchanges and U.S. regulators, the bank is underscoring its emphasis on transparency and timely communication with investors, analysts and other stakeholders regarding its financial performance.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On January 17, 2026, ICICI Bank’s board approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, confirming continued profitability with solid operating performance and capital adequacy as reflected in its Form 6-K filing. At the same meeting, the board unanimously cleared the re-appointment of Managing Director & CEO Sandeep Bakhshi for a further two-year term from October 4, 2026 to October 3, 2028 and Executive Director Ajay Kumar Gupta from November 27, 2026 to November 26, 2028, subject to regulatory and shareholder approvals, aligning the bank’s leadership structure with the Reserve Bank of India’s 2025 governance directions and signaling continuity in strategic and operational stewardship for stakeholders.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On January 17, 2026, ICICI Bank Limited announced that it has released an investor presentation for its financial results for the quarter and nine months ended December 31, 2025, which will be used during its earnings call with analysts and investors. The presentation has been made available on the bank’s website, signalling its continuing focus on disclosure and engagement with capital markets participants as it reports its recent financial performance.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On January 17, 2026, ICICI Bank Limited reported to U.S. regulators that it has released audio recordings of its recent financial results discussions for the quarter and nine months ended December 31, 2025. The bank has uploaded the media call and the analysts and investors earnings call recordings to its website, improving post-result transparency and access to information for global stakeholders following its latest performance disclosures.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On January 17, 2026, ICICI Bank’s board approved a special resolution to appoint Ms. Vijayalakshmi Iyer as an Independent Director, to be ratified by shareholders through a postal ballot conducted exclusively via remote e-voting in line with India’s Companies Act, SEBI listing rules and recent Ministry of Corporate Affairs circulars. The bank has issued an electronic-only postal ballot notice to equity shareholders and set an e-voting window from January 27 to February 25, 2026, while also appointing an independent scrutinizer to oversee the voting process, and, separately, it has amended its deposit agreement effective January 2, 2026 to allow ADS holders to exercise voting rights subject to Indian legal and regulatory restrictions, potentially increasing participation by overseas investors in the bank’s governance.
The most recent analyst rating on (IBN) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On January 13, 2026, ICICI Bank Limited announced that it will hold two separate conference calls on January 17, 2026 to discuss its financial results for the quarter and nine months ended December 31, 2025. A media call is scheduled for 4:00 p.m. IST, followed by an earnings call for analysts and investors at 5:00 p.m. IST, with global dial-in options provided and a commitment to post the audio recording and transcript on the bank’s website. These coordinated disclosures underscore the bank’s emphasis on transparent communication with both media and capital markets, and will give stakeholders fresh visibility into ICICI Bank’s recent financial performance and operational trajectory.
The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
ICICI Bank Limited has announced that independent director Neelam Dhawan retired from the bank’s board on January 11, 2026, following the completion of her second term as an independent director. The change, disclosed under Indian listing regulations via a Form 6-K filed with the U.S. Securities and Exchange Commission on January 12, 2026, marks a scheduled board refresh rather than an unexpected departure, and may prompt the bank to further recalibrate its board composition and governance profile in line with regulatory norms and evolving stakeholder expectations.
The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On January 12, 2026, ICICI Bank Limited announced that it has completed the acquisition of 100% shareholding in ICICI Prudential Pension Funds Management Company Limited from ICICI Prudential Life Insurance Company Limited, following earlier disclosures made on July 19, 2025, November 28, 2025 and January 6, 2026. With the execution of the share purchase agreement and completion of all formalities, ICICI Prudential Pension Funds Management Company has become a wholly owned subsidiary, consolidating the bank’s control over its pension fund management arm and potentially strengthening its position in India’s growing retirement and long-term savings market.
The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On January 6, 2026, ICICI Bank disclosed that India’s Pension Fund Regulatory and Development Authority (PFRDA), via a letter dated January 5, 2026, has approved the bank’s proposed acquisition of 100% shareholding in ICICI Prudential Pension Funds Management Company Limited from ICICI Prudential Life Insurance Company Limited. This follows earlier announcements on July 19, 2025 and November 28, 2025 about the planned transaction, which will make ICICI PFM a wholly owned subsidiary of the bank and designate ICICI Bank as its sponsor, subject to fulfillment of specified conditions. The move is set to consolidate ICICI Bank’s position in the pension funds segment by bringing pension fund management fully in-house, potentially enhancing strategic control over retirement-focused products and strengthening its long-term savings franchise within India’s expanding pension and retirement market.
The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On December 30, 2025, ICICI Bank received an order under Section 73 of the West Bengal Goods and Services Tax Act, 2017 from the Deputy Commissioner of Revenue, West Bengal, raising a Goods and Services Tax demand of about ₹16.03 crore, including tax, interest and penalty, on services provided to customers maintaining specified minimum balances in their accounts. The bank noted that it is already litigating similar GST issues raised in past show cause notices and orders, and disclosed this development because the cumulative amount now crosses its materiality threshold; it has indicated that it will challenge the latest order through an appeal within the prescribed timelines, signaling an ongoing tax dispute that could have financial and compliance implications but is being actively contested.
The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.
On December 23, 2025, ICICI Bank Limited filed its Semi-Annual Report for the period from April 1, 2025 to September 30, 2025 with the Director of the Kanto Local Finance Bureau in Japan, in compliance with Japan’s Financial Instruments and Exchange Law. The submission, made through Japan’s EDINET electronic disclosure system and referenced in a Form 6-K to the U.S. Securities and Exchange Commission, underscores the bank’s adherence to cross-border regulatory reporting standards and its commitment to transparency for Japanese and international investors, covering interim financial information, business conditions and other material developments up to the filing date.
The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.